Rights issue by listed InvITs: prescribed eligibility, merchant banker due diligence, disclosure, ASBA payment and allotment rules govern issuance. Rights issues by listed InvITs require board approval of the investment manager, listing of the same class of units, in principle stock exchange approval, ongoing compliance with listing obligations, and absence of disqualified persons. The investment manager must appoint merchant banker(s) (including a lead), conduct due diligence, file a draft letter of offer with the Board and stock exchanges, invite public comments, address Board observations, and include Annexure I disclosures. Operational rules cover record date announcement, timelines for opening and closing, demat credit of entitlements, mandatory ASBA payment, minimum subscription threshold, allotment priority and listing of allotted units, alongside filing an allotment report.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rights issue by listed InvITs: prescribed eligibility, merchant banker due diligence, disclosure, ASBA payment and allotment rules govern issuance.
Rights issues by listed InvITs require board approval of the investment manager, listing of the same class of units, in principle stock exchange approval, ongoing compliance with listing obligations, and absence of disqualified persons. The investment manager must appoint merchant banker(s) (including a lead), conduct due diligence, file a draft letter of offer with the Board and stock exchanges, invite public comments, address Board observations, and include Annexure I disclosures. Operational rules cover record date announcement, timelines for opening and closing, demat credit of entitlements, mandatory ASBA payment, minimum subscription threshold, allotment priority and listing of allotted units, alongside filing an allotment report.
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